Posted on April 30, 2016
Volkswagen will strengthen cooperation with Qatar, its third-largest shareholder, Chief Executive Matthias Mueller said, as Europe's biggest carmaker struggles to overcome the emissions scandal and reposition its business.
"In future there will be closer cooperation in different areas," Mueller told Reuters TV after the carmaker's earnings press conference on Thursday. The Qatar Investment Authority (QIA) holds a 17 percent stake in Volkswagen (VW) and two seats on its supervisory board. "I very much welcome the role of Qatar," Mueller said, adding VW's top management was in "very constructive" talks with the QIA.
Since the emissions scandal broke last September, there have been reports in the German media saying the QIA had urged VW's top management to scale back the role of labour leaders who have balked at efforts by management to increase cost savings. "I have no knowledge of this," Mueller said when asked whether he knew of plans to increase the supervisory board's six-member steering committee to grant a seat to QIA. Deutsche Presse-Agentur reported earlier this month that Qatar wanted a seat on the steering committee.
source: Reuters